Actress Katie Holmes was awarded just $400,000 a year in child support payments in her divorce settlement from Tom Cruise, according to new reports.

Katie Holmes, 33, signed a prenuptial agreement when she married Tom Cruise, 50, in 2006 which excluded her from his $250 million fortune.

According toTMZ, Katie Holmes will receive no spousal support from Tom Cruise. However, he is required to pay over $33,000 a month in child support for their six-year-old daughter Suri until she turns 18.

Tom Cruise will also pay for Suri’s medical and dental expenses as well as her insurance, education costs and college tuition. The money will reportedly be paid by electronic transfer.

Katie Holmes was awarded just $400,000 a year in child support payments in her divorce settlement from Tom Cruise

The couple also agreed that their daughter will not attend boarding school, shooting down reports that Suri would be sent to a school which focused on Tom Cruise’s religion, Scientology.

Katie Holmes will have sole custody of Suri, however Cruise was granted “meaningful” visitation rights.

If their marriage had lasted more than 11 years, Katie Holmes, who earns a considerable amount less than her former husband, would have received half of Tom Cruises’ $250 million fortune.

“The case has been settled and the agreement has been signed,” her attorney told E! News recently.

“We are thrilled for Katie and her family and are excited to watch as she embarks on the next chapter of her life.

“We thank Tom’s counsel for their professionalism and diligence that helped bring about this speedy resolution.”

The settlement came just two months after Katie Holmes sensationally lodged the legal papers to end their five-year marriage.

Citing “irreconcilable differences” for the split, the actress requested sole legal custody and “primary residential custody” of Suri.

“We are committed to working together as parents to accomplish what is in our daughter Suri’s best interests,” the former couple said in a joint statement.

“We want to keep matters affecting our family private and express our respect for each other’s commitment to each of our respective beliefs and support each other’s roles as parents.”

Meanwhile it has been reported that Tom Cruise, who is currently filming the movie All You Need Is Kill in London, has thrown himself into work since the breakdown of his marriage.

Speaking to Grazia a source said: “Tom’s friends and family have urged him to take a break, but he has brushed off their concern.

“He is refusing to slow down and is trying to soldier on. He doesn’t seem to be himself. He hasn’t been working out like he normally does and doesn’t appear to be eating well at all. His clothes just hang off him.”

The source also told the magazine: “His way of dealing with this is to throw himself into his work, but as a result he’s not looking after himself, and he risks cutting himself off from people who care about him and want to make sure he’s OK.”

Tom Cruise has two other children Connor, 17, and Isabella, 20, from his marriage to actress Nicole Kidman.